Li Auto Inc. reported that it delivered 33,181 vehicles during November 2025, bringing the company’s cumulative deliveries to 1,495,969 units as of November 30, 2025.
The November figure represents a 31.92% year‑over‑year decline, marking the sixth consecutive month of contraction. The drop reflects weaker demand for the company’s flagship extended‑range electric vehicles and intensified competition from rivals such as NIO and XPeng, which posted November deliveries up 76.3% and 19% respectively.
Margin pressure has intensified, with the vehicle margin falling to 15.5% in Q3 2025 from 20.9% in Q3 2024. The decline is largely attributable to the Li MEGA recall, which added significant repair and warranty costs, and to rising component prices that have eroded profitability across the product line.
In response to the headwinds, Li Auto is accelerating its production ramp for the new Li i6, a battery‑electric model that the company expects to reach a monthly capacity of 20,000 units by early 2026. The shift to a BEV lineup is part of a broader strategy to transition toward “embodied intelligence” and AI‑driven vehicles, a direction highlighted by CEO Xiang Li in recent earnings commentary.
The company’s retail and service network spans 227 cities, with 544 retail stores in 157 cities and servicing centers in the same 227 cities. This extensive footprint supports the company’s goal of maintaining a robust after‑sales presence while it navigates the current market challenges.
Overall, the delivery numbers underscore a challenging period for Li Auto, as it balances declining sales of its core models with strategic investments in new technology and production capacity to position itself for future growth.
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